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CESC shares crash over 15% after biz restructuring

Press Trust of India  |  New Delhi 

of Ltd tumbled over 15 per cent, wiping out nearly Rs 2,600 crore from its market valuation, after the RP Sanjiv Goenka Group announced restructuring of the flagship firm by splitting it into four companies.

The stock dived 15.10 per cent to settle at Rs 829.80 on During the day, it nosedived 16.92 per cent to Rs 812.

On NSE, of the company slumped 14.91 per cent to end at Rs 830.30.

The company's market valuation declined by Rs 2,588.82 crore to Rs 10,367.18 crore.

On the volume front, 5.91 lakh of the company were traded on and over 81 lakh changed hands at during the day.

Group chairman Sanjiv Goenka said is being spilt into four companies by way of 'mirror image' demerger for value unlocking and focused management into each of the verticals.

He said all power distribution business of the group will be under Ltd, all generation activity will be housed in Generation, the retail business Spencer's will be a separate company and all non-power and retail will be under Ventures.

All these four entities will be listed and the effective date will be October 1.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 18 2017. 18:43 IST